Marketing Basics. What is Marketing? Process of meeting needs/demands  Needs – Essentials – Generally not taxed  Demands – Wants, Luxuries, usually.

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Presentation transcript:

Marketing Basics

What is Marketing? Process of meeting needs/demands  Needs – Essentials – Generally not taxed  Demands – Wants, Luxuries, usually taxed Market – All that do or could buy a product – customer must have -  Ability  Authority  Willingness

Marketing Process Mission Statement  Why are we in business? Sets the tone. Organizational Objectives  What do we want to achieve? Marketing Objectives  What can marketing achieve to help Org. goal?

Mission Statement

Marketing Plan Situation Analysis  BCG matrix  SWOT analysis  Balanced Scorecard  Business Canvas Develop Goals for each SBU Strategies  Segmentation – Demographics, Usage  Targeting – Undifferentiated, Differentiated  Positioning – Manage perception – Toyota, Lexus

BCG Matrix

Marketing Mix (4 Ps)  CRM – Customer Relationship Management  CLV – Customer Lifetime Value

Product Types  Convenience Product  Little or no shopping around, inexpensive – eg. Soap  Shopping Product  Lot of shopping for deals, expensive – eg. house, car  Specialty Product  Loyalty, not easily found – eg. South Indian Restaurant

Product Life Cycle  Introduction  Growth  Maturity  Decline

Price Skim  Innovator can charge high price, skim profits Penetration  Low price to penetrate market dominated by others Competitive  Match competition in a mature, highly competitive market Cost-based /Target-profit  Based on cost plus a percentage Others – geographical, segmented (eg. Airline prices) Price Elasticity  Elastic products – non-essential, cheap – demand sensitive to price  Inelastic products – essential – water, gas, etc. – demand relatively stable

Place (distribution)  Physical Distribution (Ops. Mgt.)  Channels  Direct – producer sells to customers  Indirect – producer to wholesalers to retailers to customers

Promotion Goals  Increase demand  Stabilize Sales  Provide Information  Differentiate

Promotion Strategies  Advertising  Trade Sales  Public Relations  Direct Marketing  Sponsorship Source: ook-promotion-what-works-what- doesnt/